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To fee or not to fee: The bitter stoush over super costs
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Australians pay about $30 billion a year in superannuation fees – more than their electricity and gas bills combined. This startling figure was touted by the federal government as they revealed plans in the 2020 budget to cut super expenses, reduce duplicate accounts and weed out underperforming funds.
There’s no argument every dollar spent unnecessarily erodes workers’ super balances, reduces the benefits of compound growth and leaves workers with less in retirement. But finding the best way to reduce fees and increase competition has become the subject of significant debate as the Your Future, Your Super legislation nears a vote.
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